Canadians have been on a debt binge, and some cracks are starting to appear. The Office of the Superintendent of Bankruptcy Canada (OSB) saw an increased number of filings in October. Insolvency filings have been moving higher for the past year, especially in the consumer segment. Canadians Filed Over 139,000 Insolvencies Canadian insolvencies are rising […]
Canada is a country of movers, but apparently not everyone wants to move. Statistics Canada (Stat Can) data shows hundreds of thousands of households were forced to move in 2018. Canadian households forced to move were largely due to evictions and foreclosures. Forced To Move, a.k.a. Evictions and Foreclosures Today we’re looking at the number […]
Canadian seniors are picking up the pace they extract equity from their homes. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached an all-time high in September. The all-time high comes with a mild acceleration to an already very large growth rate. What Is A Reverse Mortgage? Reverse mortgages are […]
Canadians are slowing the pace at which they use their homes as an ATM. Office of the Superintendent of Financial Institutions (OSFI) show loans secured by residential real estate reached a new all-time high in September. The new high came with some of the lowest 12-month growth Canadians have seen in a long time. Loans […]
Cash strapped, house rich Boomers (and beyond!) are cashing in on their housing windfalls. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in August. The pace of growth is finally leveling out, but it’s still one of the fastest growing segments of debt. Reverse Mortgage Reverse […]
Canadians are under a lot of financial stress these days, but we’re not seeing a rise in defaults. That might have to do with the number of multiple jobs they’re working. Statistics Canada (Stat Can) data shows a big jump in Canadians working multiple jobs in October. The rise puts the level of multi-job holders […]
Canadian mortgage lenders are seeing business pick up – and fast. Bank of Canada (BoC) data shows funds advanced for new mortgages made a big double digit leap in August. The rise in funds is still weighed down by a weak first half of the year, but lending is improving. New Mortgage Lending Was Up […]
Canadians are paying lower interest rates for borrowing than last year. Bank of Canada (BoC) data shows the effective interest rate has fallen as of the first week of November. The rate is lower than last year, but the longer-term movement is still towards higher rates. Effective Interest Rates The household effective interest rate is […]
Canadian households are still into debt, just not if it’s for anything other than a house. Bank of Canada (BoC) data shows household debt reached a new high in September. Most of the debt growth is mortgage related, with the pace of borrowing accelerating. While consumer credit advanced, the pace of growth continues to decelerate. […]
Heavily indebted Canadian households are saving less than they used to. A lot less. Statistics Canada (Stat Can) numbers show the household savings rate is falling in 2019. The decline in savings has been steadily occurring since the real estate boom began. The low savings rates may leave households more vulnerable to global economic shock. […]
